What is a Crypto Community?

The crypto world is full of public communities, private communities, and sub-communities. These Cryptocurrency communities are spread over a range of platforms, including Twitter, Discord, Telegram, Reddit, and Slack. Every crypto social network varies between networks and offers a unique vibe and feel. For instance, Twitter is associated with speed and pace, offering small tidbits of charts and news. Reddit, meanwhile, is a lot slower and consists of members’ personal opinions and ideas. 

Telegram is for laid-back participants looking for a relaxed platform where they can discuss their goals, projects, news, and roadmaps. 

Discord and Slack, too, are extremely popular platforms within the crypto community, and you will often see project developers and marketers being part of these platforms. These are the places where you get a real sense of community, as you see the general public interacting with the project team, asking their questions and receiving answers straight from the horses’ mouths. 

Cryptocurrency Communities Can Cause The the Rise and Fall of a Blockchain Cryptocurrency:

There is a pretty strong correlation between the probability of success for a crypto project and the robustness of the project’s community. 

Adoption is the key to project success, and communities play a direct and an indirect role in adoption. If that is not enough, developers have often met their partners through these crypto communities. 

It is impossible to improve and refine a project without unfiltered feedback from the people who are using it. In other words, without a strong crypto community, project developers will have no idea about the areas where they are doing well or the aspects that need to be improved. 

Having a strong community is essential for the success of any crypto project, since the community is the project’s use case and, therefore, the most important part of the project’s lifespan. In the absence of a use case, a cryptocurrency has no reason to even exist, let alone improve or advance. For this reason, developers put in the hard yards to create and grow a trusted community. 

Yet another reason that communities are so important in crypto is that they help boost morale. A strong and responsive community can replenish the project team’s energy that was consumed during the development phase. 

How Do Projects Engage Their Communities?

Since crypto communities can make or break a project, there are various ways in which project teams try to attract interest, both from existing community members and token holders, as well as from new investors. Below are a few of those ways:

  1. Airdrops:

An airdrop is when a project distributes free tokens on a pre-announced date. In order to become eligible for the airdrop, users will need to complete a number of specific tasks related to spreading awareness and creating buzz about the project. Sometimes, projects conduct surprise airdrops as a way to reward and show their appreciation for current members. 

  1. Competitions or Giveaways:

An example of a competition or giveaway would be the project team asking the audience to retweet a certain tweet in exchange for signing up for a lucky draw. This simple and timeless strategy is extremely effective at reaching out to more potential investors and spreading word about the project.

  1. Bounties:

There are quite a few different kinds of bounties. Any user completing all the bounties will be eligible to receive free project tokens as a reward. Some examples of bounties are:

  • Translating technical documents or whitepapers into various languages.
  • Producing videos or articles on specific topics. 
  • Making referrals on Telegram or Discord. 
  • Identifying bugs within a code. 
  1. Exchange Voting:

Even though this form of engagement does not involve distributing free tokens, project teams attempt to rally the community together so that they can get listed when an exchange initiates a voting competition. Being part of an exchange can provide exposure, visibility, and liquidity, which helps reach out to and attract new investors. This, in turn, can help bring up the demand and value for the coin. As a result, the coins owned by existing holders will now be worth more, and this increase in value is the actual reward for the participants. 

  1. Testing:

At times, projects will ask users to download and use their wallets, and report any bugs or problems that they encounter. 

Final Word:

To sum up, it might not be a stretch to say that a crypto project is only as strong as its community. We hope that this blog helped you learn more about the role of communities in cryptocurrency projects, and the efforts that developers make in order to establish a strong and robust community.